JGWE

The J.G. Wentworth Company

 
Class A Common Stock SEC Reporting - Current
OTCQX U.S.
 

OTC Disclosure & News Service

 

The J.G. Wentworth Company® Reports Third Quarter 2017 Results

Nov 14, 2017

OTC Disclosure & News Service

-

The J.G. Wentworth Company® ("J.G. Wentworth" or the "Company") (OTCQX:JGWE) today reports financial results for the third quarter of 2017.

The following are highlights from the third quarter results:

Third Quarter 2017 Consolidated Results:

  • Consolidated revenues were $118.7 million, an increase of $49.9 million from the $68.8 million reported in the third quarter of 2016. The increase was due primarily to the $48.7 million increase in revenues generated by the Structured Settlement Payments segment's ("Structured Settlements") revenue driven principally by a $38.8 million favorable change in unrealized gains (losses) on securitized finance receivables, debt and derivatives, and a $1.2 million increase in our Home Lending segment's revenues.
    • Home Lending generated loan lock volume of $1.9 billion and closed loan volume of $1.1 billion in the third quarter of 2017. The outstanding unpaid principal balance of our mortgage servicing rights ("MSR") portfolio was $4.9 billion as of September 30, 2017. The Company's MSR portfolio had a fair value of $50.0 million as of September 30, 2017.
    • The Company had $4.4 billion in VIE and other finance receivables, at fair value, and $4.2 billion in VIE long-term debt issued by securitization and permanent financing trusts, at fair value, as of September 30, 2017. The debt issued by our VIE securitization and permanent financing trusts is recourse only to the respective entities that issued the debt and is non-recourse to the Company and its other subsidiaries.
  • Consolidated net loss was $6.5 million compared to the $38.8 million consolidated net loss in the third quarter of 2016. The $32.3 million favorable change was due to a $47.1 million decline in Structured Settlements pre-tax loss driven by the $48.7 million increase in the segment's revenue, partially offset by an increase in Home Lending's operating expenses which was driven by a $3.3 million increase in advertising expense due to the competitive environment and shifts in consumer demand and an $8.4 million goodwill impairment charge.

Third Quarter 2017 Segment Results:

  • Segment Adjusted EBITDA* for Home Lending was $4.1 million for the third quarter of 2017 compared to $9.4 million for the third quarter of 2016. The $5.3 million decrease in Segment Adjusted EBITDA* was primarily driven by a $3.3 million increase in advertising expense due to the competitive environment and shifts in consumer demand.
  • Segment Adjusted EBITDA* for Structured Settlements was $8.4 million for the third quarter of 2017 compared to $4.6 million for the third quarter of 2016. The $3.8 million increase in Segment Adjusted EBITDA* for Structured Settlements was primarily due to $1.3 million in reduced operating expenses reflecting the results to date of our previously announced cost savings initiatives coupled with a $1.8 million decrease in interest expense related to residual debt that was permanently financed in September 2016.

Subsequent Event:

  • As we previously disclosed in the Current Report on Form 8-K which we filed with the SEC on November 9, 2017, the Company and certain of its subsidiaries entered into a Restructuring Support Agreement with certain lenders and certain members of The J.G. Wentworth Company, LLC to support a comprehensive restructuring of the Company’s long-term debt and existing equity, which is expected to be effectuated through a pre-packaged Chapter 11 plan of reorganization.
  • If the restructuring contemplated by the Restructuring Support Agreement is consummated, the existing Credit Facility with a total of $449.5 million will be extinguished, a new secured revolving credit facility between $65.0 million and $70.0 million will be available to the Company, the lenders under the Credit Facility will receive at least 95.5% of new equity of the Company in exchange for the extinguishment, and all existing equity interests of the Company would be canceled without recovery.

* This earnings press release includes Segment Adjusted Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization and other items as noted on Schedule D ("Segment Adjusted EBITDA"), which we use as a measure of our segments' operating performance. We report Segment Adjusted EBITDA because our Chief Operating Decision Maker ("CODM"), as that term is defined in Accounting Standards Codification 280 - Segment Reporting ("ASC 280"), uses Segment Adjusted EBITDA to evaluate our segments' performance. Not all companies calculate Segment Adjusted EBITDA in the same fashion and, therefore, these amounts as presented may not be comparable to other similarly titled measures of other companies. Additionally, Segment Adjusted EBITDA is not indicative of cash flow generation. Results for the three months ended September 30, 2017 and 2016, a description of the segment profitability measure and reconciliations of Segment Adjusted EBITDA to Loss Before Income Taxes are included in the accompanying financial information.

This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.

About The J.G. Wentworth Company®

The J.G. Wentworth Company® is focused on providing direct-to-consumer access to financing solutions through a variety of avenues, including: mortgage lending and refinancing, structured settlement, annuity and lottery payment purchasing, prepaid cards, and access to providers of personal loans.

Mortgage loans are offered by J.G. Wentworth Home Lending, LLC NMLS ID # 2925 (www.nmlsconsumeraccess.org), 3350 Commission Court, Woodbridge, VA 22192; 888-349-3773.

For more information about The J.G. Wentworth Company®, visit www.jgw.com or use the information provided below.

Conference Call and Webcast

Management will host a webcast to discuss the third quarter 2017 financial results today, November 14, 2017, at 10:00 AM Eastern time. The webcast will include remarks from J.G. Wentworth's Chief Executive Officer, Stewart Stockdale.

This call will be accompanied by a presentation and will be available via a webcast of the conference call live on the Investor Relations section of the Company's website listed below.

The J.G. Wentworth Company® Third Quarter 2017 Webcast.

Interested parties unable to access the conference call and view the presentation via the webcast through this link: The J.G. Wentworth Company® Third Quarter 2017 Webcast, may dial the Participant conference number: (833) 231-8271, Conference ID: 59459664.

A playback will be available through Tuesday, November 21st, 2017. To participate, utilize the dial-in information listed below:

Playback conference number: (800) 585-8367, Conference ID: 59459664. The presentation will be posted to the Company's website after the call.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements." All statements, other than statements of historical fact, are forward-looking statements. You can identify such statements because they contain words such as ''plans,'' ''expects'' or ''does not expect,'' ''budget,'' ''forecasts,'' ''anticipates'' or ''does not anticipate,'' ''believes,'' ''intends,'' and similar expressions or statements that certain actions, events or results ''may,'' ''could,'' ''would,'' ''might,'' or ''will'' be taken, occur or be achieved. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.

A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause our actual results, performance and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. Consideration should also be given to the areas of risk set forth under the heading "Risk Factors" in our filings with the Securities and Exchange Commission, and as set forth under "Part 1, Item 1A. 'Risk Factors'" in our Annual Report on Form 10-K for the year ended December 31, 2016, as updated by "Part II, Item 1A. 'Risk Factors'" in our Quarterly Report on Form 10-Q for the quarters ending since that date as previously filed with the SEC and Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 to be filed with the SEC. These risks and uncertainties include, among other things: our entry into a restructuring support agreement (the “Restructuring Support Agreement”) to restructure our long-term debt and equity under chapter 11 of the United States Bankruptcy Code; the risks and uncertainties associated with the bankruptcy process; the plan of reorganization contemplated by the Restructuring Support Agreement (the “Plan”) provides for all existing equity interests of our common stockholders to be canceled and for our common stockholders to lose the full amount of their investment; our ability to satisfy the conditions and milestones contained in the Restructuring Support Agreement; our ability to obtain confirmation of the Plan; the ability of our management to focus on the operation of our business during the pendency of the bankruptcy; our ability to execute on our business strategy; our ability to successfully compete in the industries in which we operate; our dependence on the effectiveness of direct response marketing; our ability to retain and attract qualified senior management; any improper use of or failure to protect the personally identifiable information of past, current and prospective customers to which we have access; our ability to upgrade and integrate our operational and financial information systems, maintain uninterrupted access to such systems and adapt to technological changes in the industries in which we operate; our dependence on third parties, including our ability to maintain relationships with such third parties and our potential exposure to liability for the actions of such third parties; damage to our reputation and increased regulation of our industries which could result from unfavorable press reports about our business model; infringement of our trademarks or service marks; changes in, and our ability to comply with, any applicable federal, state and local laws and regulations governing us, including any applicable federal consumer financial laws enforced by the Consumer Financial Protection Bureau; our ability to maintain our state licenses or obtain new licenses in new markets; our ability to continue to purchase structured settlement payments and other financial assets; our business model being susceptible to litigation; our ability to remain in compliance with the terms of our substantial indebtedness and to refinance our term debt; our ability to obtain sufficient working capital at attractive rates or obtain sufficient capital to meet the financing requirements of our business; our ability to renew or modify our warehouse lines of credit; the accuracy of the estimates and assumptions of our financial models; changes in prevailing interest rates and our ability to mitigate interest rate risk through hedging strategies; the public disclosure of the identities and information of structured settlement holders maintained in our proprietary database; our dependence on the opinions of certain credit rating agencies of the credit quality of our securitizations; our ability to complete future securitizations, other financings or sales on favorable terms; the insolvency of a material number of structured settlement issuers; adverse changes in the residential mortgage lending and real estate markets, including any increases in defaults or delinquencies, especially in geographic areas where our loans are concentrated; our ability to grow our loan origination volume, acquire mortgage servicing rights ("MSRs") and recapture loans that are refinanced; changes in the guidelines of government-sponsored entities ("GSEs"), or any discontinuation of, or significant reduction in, the operation of GSEs; potential misrepresentations by borrowers, counterparties and other third parties; our ability to raise additional capital as a result of our Class A common stock now being traded on the OTCQX® Market; and our ability to meet the ongoing eligibility standards of the OTCQX® Market.

Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to publicly revise any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.

Schedule A

The J.G. Wentworth Company
Condensed Consolidated Balance Sheets
 
  September 30, 2017   December 31, 2016
(Unaudited)
(Dollars in thousands, except share and per share data)
ASSETS
Cash and cash equivalents $ 54,892 $ 80,166
Restricted cash and investments 139,979 195,588
VIE finance receivables, at fair value 4,330,264 4,143,903
Other finance receivables, at fair value 20,879 13,134
VIE finance receivables, net of allowances for losses of $8,611 and $9,023, respectively 77,640 85,325
Other finance receivables, net of allowances for losses of $2,010 and $2,061, respectively 7,966 8,619
Other receivables, net of allowances for losses of $268 and $280, respectively 19,687 17,771
Mortgage loans held for sale, at fair value 239,477 232,770
Mortgage servicing rights, at fair value 50,018 41,697
Premises and equipment, net of accumulated depreciation of $12,597 and $10,697, respectively 3,504 4,005
Intangible assets, net of accumulated amortization of $24,082 and $22,778, respectively 21,564 22,868
Goodwill 8,369
Marketable securities, at fair value 82,119 76,687
Deferred tax assets, net 405
Other assets 61,613   61,600  
Total Assets $ 5,109,602   $ 4,992,907  
 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accrued expenses and accounts payable 33,697 $ 28,929
Accrued interest 32,714 28,123
Term loan payable 438,148 431,872
VIE derivative liabilities, at fair value 43,494 50,432
VIE borrowings under revolving credit facilities and other similar borrowings 1,735 56,432
Other borrowings under revolving credit facilities and other similar borrowings 231,002 229,588
VIE long-term debt 59,586 62,939
VIE long-term debt issued by securitization and permanent financing trusts, at fair value 4,200,824 4,014,450
Other liabilities 51,434 52,448
Deferred tax liabilities, net 2,963 1,415
Installment obligations payable 82,119   76,687  
Total Liabilities $ 5,177,716   $ 5,033,315  
 
Class A common stock, par value $0.00001 per share; 500,000,000 shares authorized, 16,352,775 issued and 15,810,703 outstanding as of September 30, 2017, 16,272,545 issued and 15,730,473 outstanding as of December 31, 2016
Class B common stock, par value $0.00001 per share; 500,000,000 shares authorized, 8,629,738 issued and outstanding as of September 30, 2017, 8,710,158 issued and outstanding as of December 31, 2016
Class C common stock, par value $0.00001 per share; 500,000,000 shares authorized, 0 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively
Additional paid-in-capital 106,060 105,823
Accumulated deficit (134,148 ) (117,622 )
(28,088 ) (11,799 )
Less: treasury stock at cost, 542,072 shares as of September 30, 2017 and December 31, 2016, respectively (2,138 ) (2,138 )
Total stockholders' deficit, The J.G. Wentworth Company (30,226 ) (13,937 )
Non-controlling interests (37,888 ) (26,471 )
Total Stockholders' Deficit (68,114 ) (40,408 )
Total Liabilities and Stockholders' Deficit $ 5,109,602   $ 4,992,907  
 

Schedule B

The J.G. Wentworth Company
Condensed Consolidated Statements of Operations - Unaudited
 
 

Three Months Ended
September 30,

  Nine Months Ended
September 30,
2017   2016 2017   2016
(Dollars in thousands, except share and per share data)
REVENUES
Interest income $ 47,380 $ 43,991 $ 144,737 $ 145,211
Realized and unrealized gains (losses) on VIE and other finance receivables, long-term debt and derivatives 36,472 (9,104 ) 89,303 (12,339 )
Realized and unrealized gains on sale of mortgage loans held for sale, net of direct costs 22,024 24,495 54,060 61,781
Changes in mortgage servicing rights, net 3,240 1,480 8,321 3,320
Servicing, broker, and other fees 4,489 3,023 14,429 9,758
Loan origination fees 2,867 2,536 7,329 6,445
Realized and unrealized gains on marketable securities, net 2,228   2,376   6,629   3,921  
Total revenues $ 118,700   $ 68,797   $ 324,808   $ 218,097  
 
EXPENSES
Advertising $ 17,582 $ 13,894 $ 49,205 $ 42,191
Interest expense 57,969 54,561 174,241 167,861
Compensation and benefits 22,131 20,792 57,664 59,835
General and administrative 6,840 7,732 20,432 21,822
Professional and consulting 5,691 3,977 15,525 12,386
Debt issuance 2,252 2,584 4,672 3,132
Securitization debt maintenance 1,326 1,380 4,004 4,226
Provision for losses 1,267 2,075 2,919 4,647
Direct subservicing costs 957 493 2,766 1,742
Depreciation and amortization 937 1,182 3,204 3,646
Installment obligations expense, net 2,598 2,817 7,942 5,279
Impairment charges 8,369     8,369   5,483  
Total expenses $ 127,919   $ 111,487   $ 350,943   $ 332,250  
Loss before income taxes (9,219 ) (42,690 ) (26,135 ) (114,153 )
(Benefit) provision for income taxes (2,705 ) (3,883 ) 2,148   (16,787 )
Net loss $ (6,514 ) $ (38,807 ) $ (28,283 ) $ (97,366 )
Less: net loss attributable to non-controlling interests (4,200 ) (20,094 ) (11,757 ) (51,773 )
Net loss attributable to The J.G. Wentworth Company $ (2,314 ) $ (18,713 ) $ (16,526 ) $ (45,593 )
 
Weighted average shares of Class A common stock outstanding:
Basic 15,810,703 15,663,475 15,772,732 15,633,696
Diluted 15,810,703 15,663,475 15,772,732 15,633,696
Net loss per share attributable to stockholders of Class A common stock of The J.G. Wentworth Company
Basic $ (0.15 ) $ (1.19 ) $ (1.05 ) $ (2.92 )
Diluted $ (0.15 ) $ (1.19 ) $ (1.05 ) $ (2.92 )
 

Schedule C

The J.G. Wentworth Company
Selected Quarterly Data - Unaudited

(Dollars in thousands except per share data)

 
 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

Consolidated

2017   2016 2017   2016
Net loss $ (6,514 ) $ (38,807 ) $ (28,283 ) $ (97,366 )
Net loss attributable to The J.G. Wentworth Company $ (2,314 ) $ (18,713 ) $ (16,526 ) $ (45,593 )
 
Weighted Average Diluted Shares - Basic 15,810,703 15,663,475 15,772,732 15,633,696
Basic loss per common share $ (0.15 ) $ (1.19 ) $ (1.05 ) $ (2.92 )
Weighted Average Diluted Shares - Diluted 15,810,703 15,663,475 15,772,732 15,633,696
Diluted loss per common share $ (0.15 ) $ (1.19 ) $ (1.05 ) $ (2.92 )
 

Structured Settlements Segment

Segment Adjusted EBITDA* $ 8,383 $ 4,635 $ 13,229 $ 9,404
 

TRB PURCHASES

Guaranteed structured settlements, annuities and lotteries $ 176,461 $ 142,840 $ 462,923 $ 457,243
Life contingent structured settlements and annuities 31,359   28,671   70,956   90,597  
Total TRB purchases $ 207,820   $ 171,511   $ 533,879   $ 547,840  
 

Home Lending Segment

Segment Adjusted EBITDA* $ 4,129 $ 9,423 $ 11,877 $ 23,673
 

Mortgage Originations:

Locked - Units 7,129 6,110 17,896 15,593
Locked - Loan Volume $ 1,884,059 $ 1,610,071 $ 4,673,835 $ 4,115,595
Closed - Units 4,025 3,890 9,947 9,185
Closed - Loan Volume $ 1,059,267 $ 1,035,417 $ 2,581,353 $ 2,449,619
 

Mortgage Servicing:

Balance at 9/30/2017 Balance at 12/31/2016
Unpaid principal balance $ 4,899,864 $ 4,060,878
Loan count - servicing 20,370 16,817
Average loan amount $ 241 $ 241
Average interest rate 3.61% 3.57%

*Represents a measure of our segments' operating performance, which as calculated by the Company is not necessarily comparable to similarly titled measures reported by other companies. Additionally, Segment Adjusted EBITDA is not indicative of cash flow generation.

Schedule D

Unaudited

The J.G. Wentworth Company

Reconciliation of Segments' Adjusted EBITDA* to Loss Before Income Taxes - A Measure of Segment Profit or Loss Used in this Release and the Related Presentation

We report Segment Adjusted EBITDA in our Quarterly Report on Form 10-Q as a measure of our segments' operating performance. We define Segment Adjusted EBITDA as net income (loss) under U.S. GAAP before non-cash compensation expenses, certain other expenses, provision for or benefit from income taxes, depreciation and amortization and, for our Structured Settlements segment, amounts related to the consolidation of the securitization and permanent financing trusts we use to finance our business, interest expense associated with our senior secured credit facility, debt issuance costs and broker and legal fees incurred in connection with sales of finance receivables.

We present Segment Adjusted EBITDA as an indication of our segments' operating performance because our CODM, as that term is defined in ASC 280, uses Segment Adjusted EBITDA to evaluate performance and to allocate resources. Not all companies calculate Segment Adjusted EBITDA in the same fashion, and therefore these amounts as presented may not be comparable to other similarly titled measures of other companies. Additionally, Segment Adjusted EBITDA is not indicative of cash flow generation. Below are reconciliations of Segment Adjusted EBITDA for the Company's two reportable segments to loss before income taxes for the three and nine months ended September 30, 2017 and 2016:

 
The J.G. Wentworth Company
Reconciliation of Segments' Adjusted EBITDA* to Loss Before Income Taxes - Unaudited
 
  Three Months Ended September 30,  

Line Item in the Statement of
Operations where amounts
are reflected

2017   2016
(In thousands)
Structured Settlements Segment Adjusted EBITDA $ 8,383 $ 4,635
Home Lending Segment Adjusted EBITDA 4,129   9,423  
Subtotal Segment Adjusted EBITDA for Reportable Segments $ 12,512 $ 14,058
 
Securitization-related adjustments:
Unrealized gain (loss) on finance receivables, long-term debt and derivatives post securitization due to changes in interest rates $ 6,273 $ (32,495 ) Realized and unrealized gains (losses) on VIE and other finance receivables, long-term debt and derivatives
Interest income from securitized finance receivables 43,647 40,610 Interest income
Interest income on retained interests in finance receivables (530 ) (4,041 ) Interest income
Servicing income on securitized finance receivables (1,303 ) (1,280 ) Servicing, broker, and other fees
Interest expense on long-term debt related to securitization and permanent financing trusts (43,656 ) (39,387 ) Interest expense
Professional fees relating to securitizations (1,338 ) (1,380 ) Securitization debt maintenance
Credit (provision) for losses associated with permanently financed VIEs (5 ) (543 ) Provision for losses
Subtotal of securitization related adjustments $ 3,088   $ (38,516 )
Other adjustments:
Share based compensation $ (330 ) $ (367 ) Compensation and benefits
Impact of pre-funding on unsecuritized finance receivables (2,861 ) Realized and unrealized gains (losses) on VIE and other finance receivables, long-term debt and derivatives
Lease termination, severance and other restructuring related expenses (2,400 ) (747 )

General and administrative, Compensation and benefits and Professional and consulting

Debt modification expense 97 Interest expense, Professional and consulting, and Debt issuance
Impairment charges and loss on disposal of assets (8,369 ) Impairment charges
Term loan interest expense (10,531 ) (10,184 ) Interest expense
Debt issuance (2,252 ) (2,584 ) Debt issuance
Broker and legal fees incurred in connection with sale of finance receivables (404 ) General and administrative and Professional and consulting
Depreciation and amortization (937 ) (1,182 ) Depreciation and amortization
Loss before income taxes $ (9,219 ) $ (42,690 )
 

*Represents a measure of our segments' operating performance, which as calculated by the Company is not necessarily comparable to similarly titled measures reported by other companies. Additionally, Segment Adjusted EBITDA is not indicative of cash flow generation.

Schedule E

The J.G. Wentworth Company
Reconciliation of Segments' Adjusted EBITDA* to Loss Before Income Taxes - Unaudited
 
  Nine Months Ended September 30,  

Line Item in the Statement of
Operations where amounts are
reflected

2017   2016
(In thousands)
Structured Settlements Segment Adjusted EBITDA $ 13,229 $ 9,404
Home Lending Segment Adjusted EBITDA 11,877   23,673  
Subtotal Segment Adjusted EBITDA for Reportable Segments $ 25,106 $ 33,077
 
Securitization-related adjustments:
Unrealized gain (loss) on finance receivables, long-term debt and derivatives post securitization due to changes in interest rates $ 10,247 $ (83,801 ) Realized and unrealized gains (losses) on VIE and other finance receivables, long-term debt and derivatives
Interest income from securitized finance receivables 134,025 134,153 Interest income
Interest income on retained interests in finance receivables (1,360 ) (15,798 ) Interest income
Servicing income on securitized finance receivables (3,829 ) (3,919 ) Servicing, broker, and other fees
Interest expense on long-term debt related to securitization and permanent financing trusts (133,325 ) (119,230 ) Interest expense
Swap termination expense related to securitization entities (3,053 ) Realized and unrealized gains (losses) on VIE and other finance receivables, long-term debt and derivatives
Professional fees relating to securitizations (4,044 ) (4,223 ) Securitization debt maintenance
Credit (provision) for losses associated with permanently financed VIEs 192   (543 ) Provision for losses
Subtotal of securitization related adjustments $ 1,906   $ (96,414 )
Other adjustments:
Share based compensation $ (755 ) $ (997 ) Compensation and benefits
Impact of pre-funding on unsecuritized finance receivables 3,199 Realized and unrealized gains (losses) on VIE and other finance receivables, long-term debt and derivatives
Lease termination, severance and other restructuring related expenses (8,566 ) (3,486 )

General and administrative, Compensation and benefits and Professional and consulting

Debt modification expense (2,258 ) Interest expense, Professional and consulting, and Debt issuance
Impairment charges and loss on disposal of assets (8,369 ) (5,483 ) Impairment charges
Term loan interest expense (30,777 ) (30,375 ) Interest expense
Debt issuance (4,675 ) (2,612 ) Debt issuance
Broker and legal fees incurred in connection with sale of finance receivables (1,959 ) General and administrative and Professional and consulting
Depreciation and amortization (3,204 ) (3,646 ) Depreciation and amortization
Loss before income taxes $ (26,135 ) $ (114,153 )
 

*Represents a measure of our segments' operating performance, which as calculated by the Company is not necessarily comparable to similarly titled measures reported by other companies. Additionally, Segment Adjusted EBITDA is not indicative of cash flow generation.

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